Cryptocurrency News

Crypto projects to release $800 million in tokens in February

A number of token-unlocking initiatives are scheduled to occur in February. Fueling airdrops within the same month is also included. This includes concepts such as Optimism, Avalanche, and Aptos.

Aptos has said that it will unlock 25 million tokens. This roughly translates to unlocking the value worth $222 million, with the unlock taking effect on February 11, 2024. It brings the share of tokens to 7% of the total supply.

There is an uptick in the exchange value of APT, the native token of Aptos. It just jumped by 0.50% in the last 24 hours, dancing at around $9.02 at the time of writing this article. However, that value reflects a drop of 1.19% and 14.17% in the last 7 days and 30 days, respectively. Market Cap is up by 0.56%, while 24-hour volume has fallen by 15.85%.

February 11, 2024, might be a watershed moment for APT holders and those looking to experience the token for the first time.

The Sandbox has clarified that it will unlock $88 million worth of 205 tokens. Needless to say, the valuation is collective, with prices effective at the time of initial confirmation. The Sandbox will unlock the values on February 14, 2024, letting go of 9% of its total supply.

SAND is down by 0.40% in the last 24 hours, being traded at $0.4313. That extends to a decline of 4.96% and 17.09% in the last 7 days and 30 days in the same order, with market cap and 24-hour volume down by 0.39% and up by 18.01%, respectively.

Avalanche and Optimism share similar sentiments. While Avalanche is rolling out 9.5 million tokens at $344 million on February 21, 2024, Optimism is doing the same with 24 million tokens at $72 million on February 28, 2024. The share to be unlocked signifies 2.6% and 2.5% of the total supply in that same order.

AVAX is trading, comparatively, at a higher price of $35.61, with a drop of 0.09% included in that listed price. Optimism’s OP is a different story altogether, with a significant rise of 3.26% in the last 24 hours. This is probably the strongest reaction to this development, as other tokens are either down or up by a fraction. Also, the market cap and 24-hour volume of OP are brighter than any other token, both up by 3.43% and 93.14%, respectively.

Several smaller unlocks are on the list for February. This includes $16 million worth of Cyberconnect tokens and $21 million worth of ApeCoin tokens on February 13, 2024, and February 16, 2024, respectively. Others are Manta Network, at $18 million, and Oasis Network, at $20 million. Also being unlocked are Space ID tokens in February at a value of $5 million.

Lili Chuang

Lili Chuang is a finance professional with an experience of over a decade in news writing. Recently, she has joined the CoinNewSpan team as a sub-editor. She is a firm believer of blockchain technology and cryptocurrencies. She curates contents regarding the latest insights into the crypto-market. In her free time, she loves to explore new places and connect with influential people of crypto space.

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